Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 24, 2018 | Dec. 31, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | IsoRay, Inc. | ||
Entity Central Index Key | 728,387 | ||
Trading Symbol | isr | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 67,331,147 | ||
Entity Public Float | $ 22,040,092 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 2,600 | $ 5,932 |
Certificates of deposit (Note 3) | 825 | 3,039 |
Accounts receivable, net | 1,192 | 726 |
Inventory | 494 | 323 |
Prepaid expenses and other current assets | 335 | 271 |
Total current assets | 5,446 | 10,291 |
Property and equipment, net | 1,311 | 1,054 |
Restricted cash | 181 | 181 |
Inventory, non-current | 319 | 513 |
Other assets, net | 198 | 230 |
Total assets | 7,455 | 12,269 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,391 | 630 |
Accrued protocol expense | 77 | 75 |
Accrued radioactive waste disposal | 37 | 125 |
Accrued payroll and related taxes | 155 | 138 |
Accrued vacation | 175 | 138 |
Total current liabilities | 1,835 | 1,106 |
Long-term liabilities: | ||
Asset retirement obligation | 590 | 561 |
Total liabilities | 2,425 | 1,667 |
Commitments and contingencies (Note 15) | ||
Shareholders' equity: | ||
Common stock, $.001 par value; 192,998,329 shares authorized; 56,331,147 and 55,017,419 shares issued and outstanding | 56 | 55 |
Additional paid-in capital | 84,322 | 83,151 |
Accumulated deficit | (79,348) | (72,604) |
Total shareholders' equity | 5,030 | 10,602 |
Total liabilities and shareholders' equity | 7,455 | 12,269 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series B Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series C Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value, issued | 0 | 0 |
Series D Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value, issued | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2018 | Jun. 30, 2017 |
Preferred stock, shares authorized (in shares) | 7,001,671 | 7,001,671 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 192,998,329 | 192,998,329 |
Common stock, shares issued (in shares) | 56,331,147 | 55,017,419 |
Common stock, shares outstanding (in shares) | 56,331,147 | 55,017,419 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 59,065 | 59,065 |
Preferred stock, shares outstanding (in shares) | 59,065 | 59,065 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares authorized (in shares) | 1,671 | 1,671 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Product sales, net | $ 5,923 | $ 4,761 | $ 4,769 |
Cost of product sales | 4,081 | 3,923 | 4,640 |
Gross profit | 1,842 | 838 | 129 |
Research and development | |||
Proprietary research and development | 1,351 | 771 | 528 |
Collaboration arrangement, net of reimbursement (Note 15) | 395 | 194 | |
Total research and development | 1,746 | 965 | 528 |
Sales and marketing | 2,660 | 2,310 | 1,353 |
General and administrative | 4,165 | 3,918 | 3,786 |
Change in estimate of asset retirement obligation (Note 9) | (48) | (456) | |
Total operating expenses | 8,571 | 7,145 | 5,211 |
Operating loss | (6,729) | (6,307) | (5,082) |
Non-operating income: | |||
Interest income | 29 | 118 | 218 |
Change in fair value of the warrant derivative liability | 27 | 154 | |
Financing and interest expense | (1) | ||
Non-operating income, net | 29 | 145 | 371 |
Net loss | (6,700) | (6,162) | (4,711) |
Preferred stock dividends | (11) | (11) | (11) |
Net loss applicable to common shareholders | $ (6,711) | $ (6,173) | $ (4,722) |
Basic and diluted loss per share (in dollars per share) | $ (0.12) | $ (0.11) | $ (0.09) |
Weighted average shares used in computing net loss per share: | |||
Basic and diluted (in shares) | 55,159 | 55,016 | 55,015 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member]Series B Preferred Stock [Member] | Preferred Stock [Member]Series D Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances (in shares) at Jun. 30, 2015 | 59,065 | 54,967,559 | 13,200 | ||||
Balances at Jun. 30, 2015 | $ 55 | $ (8) | $ 82,466 | $ (61,731) | $ 20,782 | ||
Issuance of common stock pursuant to exercise of options (in shares) | 56,260 | 56,260 | |||||
Issuance of common stock pursuant to exercise of options | 50 | $ 50 | |||||
Retirement of treasury stock (in shares) | (13,200) | (13,200) | |||||
Retirement of treasury stock | $ 8 | (8) | |||||
Payment of dividend to preferred shareholders | (11) | (11) | |||||
Share-based compensation | 291 | 291 | |||||
Net loss | (4,711) | (4,711) | |||||
Balances (in shares) at Jun. 30, 2016 | 59,065 | 55,010,619 | |||||
Balances at Jun. 30, 2016 | $ 55 | 82,788 | (66,442) | $ 16,401 | |||
Issuance of common stock pursuant to exercise of options (in shares) | 6,800 | 6,800 | |||||
Issuance of common stock pursuant to exercise of options | 2 | $ 2 | |||||
Payment of dividend to preferred shareholders | (11) | (11) | |||||
Share-based compensation | 372 | 372 | |||||
Net loss | (6,162) | (6,162) | |||||
Balances (in shares) at Jun. 30, 2017 | 59,065 | 55,017,419 | |||||
Balances at Jun. 30, 2017 | $ 55 | 83,151 | (72,604) | $ 10,602 | |||
Issuance of common stock pursuant to exercise of options (in shares) | 82,810 | 82,810 | |||||
Issuance of common stock pursuant to exercise of options | 50 | $ 50 | |||||
Payment of dividend to preferred shareholders | (11) | (11) | |||||
Share-based compensation | 404 | 404 | |||||
Net loss | (6,700) | (6,700) | |||||
Adoption of new accounting principle for stock based compensation | 44 | (44) | |||||
Issuance of common stock pursuant to at the market offering, net (in shares) | 980,918 | ||||||
Issuance of common stock pursuant to at the market offering, net | $ 1 | 478 | 479 | ||||
Issuance of common stock pursuant to exercise of warrants (in shares) | 250,000 | ||||||
Issuance of common stock pursuant to exercise of warrants | 3 | 3 | |||||
Share-based compensation for third party services | 203 | 203 | |||||
Balances (in shares) at Jun. 30, 2018 | 59,065 | 56,331,147 | |||||
Balances at Jun. 30, 2018 | $ 56 | $ 84,322 | $ (79,348) | $ 5,030 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (6,700) | $ (6,162) | $ (4,711) |
Adjustments to reconcile net loss to net cash used by operating activities: | |||
Allowance for doubtful accounts | (4) | ||
Depreciation expense | 80 | 68 | 471 |
(Gain) loss on equipment disposals | (2) | 7 | |
Write-off of inventory associated with discontinued product | 72 | ||
Amortization of other assets | 50 | 45 | 107 |
Change in fair value of warrant derivative liability | (27) | (154) | |
Accretion of asset retirement obligation | 29 | 29 | 89 |
Change in estimate of asset retirement obligation | (48) | (456) | |
Share-based compensation | 404 | 372 | 290 |
Share-based compensation for third party services | 203 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | (466) | (184) | 444 |
Inventory | 23 | 89 | (23) |
Prepaid expenses and other current assets | (64) | 100 | (21) |
Accounts payable and accrued expenses | 761 | 18 | 112 |
Accrued protocol expense | 2 | (47) | (2) |
Accrued radioactive waste disposal | (88) | (52) | 48 |
Accrued payroll and related taxes | 17 | 66 | (141) |
Accrued vacation | 37 | 27 | (16) |
Net cash used by operating activities | (5,712) | (5,712) | (3,884) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to property and equipment | (337) | (549) | (479) |
Additions to other assets | (18) | (124) | (13) |
Proceeds from sale of equipment | 6 | ||
Proceeds from maturity of certificates of deposit | 6,268 | 2,296 | 15,492 |
Purchases of and interest from certificates of deposit | (4,054) | (115) | (6,243) |
Net cash provided by investing activities | 1,859 | 1,514 | 8,757 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Preferred dividends paid | (11) | (11) | (11) |
Proceeds from sales of common stock, pursuant to at the market offering, net | 479 | ||
Proceeds from sales of common stock, pursuant to exercise of warrants, net | 3 | ||
Proceeds from sales of common stock, pursuant to exercise of options | 50 | 2 | 50 |
Net cash provided by (used in) financing activities | 521 | (9) | 39 |
Net increase (decrease) in cash and cash equivalents | (3,332) | (4,207) | 4,912 |
Cash and cash equivalents, beginning of year | 5,932 | 10,139 | 5,227 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 2,600 | 5,932 | 10,139 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 1 | ||
Non-cash investing and financing activities: | |||
Retirement of treasury stock | $ 8 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Organization IsoRay, Inc. was incorporated in Minnesota in 1983. July 28, 2005, June 15, 2004 October 1, 2004 two 1998. IsoRay International LLC (International), a Washington limited liability company, was formed on November 27, 2007 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP), and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively the Company). All significant inter-company transactions and balances have been eliminated in consolidation. Cash Equivalents The Company considers currency on hand, demand deposits, time deposits, and all highly liquid investments with an original maturity of three Certificates of Deposit Certificates of deposit with original maturities greater than three one one Accounts Receivable Accounts receivable are stated at the amount that management of the Company expects to collect from outstanding balances. Management provides for probable uncollectible amounts through an allowance for doubtful accounts. Additions to the allowance for doubtful accounts are based on management’s judgment, considering historical experience with write-offs, collections and current credit conditions. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable. Payments received subsequent to the time that an account is written off are treated as bad debt recoveries. Inventory Inventory is reported at the lower of cost or net realizable value. Cost of raw materials is determined using the weighted average method. Cost of work in process and finished goods is computed using standard cost, which approximates actual cost, on a first first The cost of materials and production costs contained in inventory that are not no Property and Equipment Fixed assets are capitalized and carried at cost less accumulated depreciation. Normal maintenance and repairs are charged to expense as incurred. When any assets are sold or otherwise disposed of, the cost and accumulated depreciation are reversed with any resulting gain or loss being recognized on the consolidated statement of operations. Depreciation is computed using the straight-line method over the following estimated useful lives: Production equipment (in years) 3 to 7 Office equipment (in years) 2 to 5 Furniture and fixtures (in years) 2 to 5 Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the asset. Management periodically reviews the net carrying value of all of its long-lived assets on an asset by asset basis. An impairment loss is recognized if the carrying amount of a defined asset group is not Although management has made its best estimate of the factors that affect the carrying value based on current conditions, it is reasonably possible that changes could occur which could adversely affect management’s estimate of net cash flows expected to be generated from its assets that could result in an impairment adjustment. Prepaid Expenses and Other Assets Prepaid expenses and other assets, which include website development costs, trademarks, patents and licenses, are stated at cost, less accumulated amortization. For website development, costs incurred in the planning stage are expensed as incurred whereas costs associated with the application and infrastructure development, graphics development, and content development are capitalized. Amortization of website development costs is computed using the straight-line method over the estimated economic useful lives of the asset. Trademarks and patents include costs, primarily legal, incurred in obtaining them. Amortization of trademarks and patents is computed using the straight-line method over the estimated economic useful lives of the assets. Licenses include costs related to licenses pertaining to the use of technology or operational licenses. These licenses are recorded at stated cost, less accumulated amortization. Amortization of licenses is computed using the straight-line method over the estimated economic useful lives of the assets. The Company periodically reviews the carrying values of other assets and evaluates the recorded basis for any impairment. Any impairment is recognized when the expected future operating cash flows to be derived from the licenses are less than their carrying value. Asset Retirement Obligation The estimated fair value of the future retirement costs of the Company’s leased assets and the costs for the decontamination and reclamation of equipment located within the footprint leased asset are recorded as a liability on a discounted basis when a contractual obligation exists; an equivalent amount is capitalized to property and equipment. The initial recorded obligation is discounted using the Company's credit-adjusted risk-free rate and is reviewed periodically for changes in the estimated future costs underlying the obligation. The Company amortizes the initial amount capitalized to property and equipment and recognizes accretion expense in connection with the discounted liability over the estimated remaining useful life of the leased assets. Financial Instruments The Company discloses the fair value of financial instruments, both assets and liabilities, recognized and not June 30, 2018 2017, Fair Value Measurement When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 2 3 no At June 30, 2018 2017, no 3 not 9 no three June 30, 2018. The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. (In thousands) Fair value at June 30, 2018 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,600 $ 2,600 $ - $ - Fair value at June 30, 2017 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5,932 $ 5,932 $ - $ - The Company’s cash and cash equivalent instruments are classified within Level 1 Revenue Recognition The Company recognizes revenue related to product sales when (i) persuasive evidence of an arrangement exists, (ii) shipment has occurred, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured. The Company recognizes revenue once the product has been shipped to the customer. Prepayments, if any, received from customers prior to the time that products are shipped are recorded as deferred revenue. In these cases, when the related products are shipped, the amount recorded as deferred revenue is then recognized as revenue. The Company accrues for sales returns and other allowances at the time of shipment. Shipping and Handling Costs Shipping and handling costs include charges associated with delivery of goods from the Company’s facilities to its customers and are reflected in cost of product sales. Shipping and handling costs paid to the Company by its customers are classified as product sales. Share-Based Compensation The Company measures and recognizes expense for all share-based payments at fair value. The Company uses the Black-Scholes option valuation model to estimate fair value for all stock options on the date of grant. For stock options that vest over time, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. Research and Development Costs Research and Development - Proprietary Research and development costs, including salaries, research materials, administrative expenses and contractor fees, are charged to operations as incurred. The cost of equipment used in research and development activities which has alternative uses is capitalized as part of fixed assets and not Research and Development - Collaborative Arrangement Research and development costs incurred and shared in connection with a collaborative research and development project are separately stated in the consolidated statement of operation under “Research and development: Collaboration arrangements, net of reimbursement.” Advertising and Marketing Costs Advertising costs are expensed as incurred except for the cost of tradeshows and related marketing materials which are deferred until the tradeshow occurs. (In thousands) For the Years Ended June 30, 2018 2017 2016 Advertising and marketing costs expensed (including tradeshows) $ 329 $ 323 $ 157 At June 30, 2018 2017 Prepaid marketing expenses deferred until event occurs $ 9 $ 11 Legal Contingencies The Company records contingent liabilities resulting from asserted and unasserted claims against it, when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. Estimating probable losses requires analysis of multiple factors, in some cases including judgments about the potential actions of third not Income Taxes Income taxes are accounted for under the liability method. Under this method, the Company provides deferred income taxes for temporary differences that will result in taxable or deductible amounts in future years based on the reporting of certain costs in different periods for financial statement and income tax purposes. This method also requires the recognition of future tax benefits such as net operating loss carry-forwards, to the extent that realization of such benefits is more likely than not. Income (Loss) Per Common Share Basic earnings per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding, and does not Securities that could be dilutive in the future are as follows: June 30, 2018 2017 2016 Preferred stock 59,065 59,065 59,065 Common stock warrants 250,000 - 230,087 Common stock options 3,759,840 3,379,191 2,925,059 Total potential dilutive securities 4,068,905 3,438,256 3,214,211 Use of Estimates The preparation of consolidated financial statements in accordance with generally accepted accounting principles in the United States of America requires management of the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes of the Company including the allowance for doubtful accounts receivable; net realizable value of the enriched barium inventory; the estimated useful lives used in calculating depreciation and amortization on the Company’s fixed assets, patents, trademarks and other assets; estimated amount and fair value of the asset retirement obligation related to the Company’s production facilities; and inputs to the Black-Scholes calculation used in determining the expense related to share-based compensation including volatility, estimated lives and forfeiture rates of options granted. Accordingly, actual results could differ from those estimates and affect the amounts reported in the financial statements. Recent Accounting Pronouncements In May 2014, No. 2014 09 605 10 five first 2019, first 2018. first 2019 2014 09 not In February 2016, 2016 02 842 December 15, 2018. July 1, 2019. In March 2016, No. 2016 09, 718 2016 09 2016 09 December 15, 2016. first 2018. no July 1, 2017, $44,000 no June 30, 2018, $16,000 In August 2016, No. 2016 15 230 eight December 15, 2017, In November 2016, 2016 18, 230 2016 18 no one 2016 18 December 15, 2017 2016 18 first 2019. not Other accounting standards that have been issued or proposed by FASB that do not not not not |
Note 3 - Certificates of Deposi
Note 3 - Certificates of Deposit | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Cost-method Investments, Description [Text Block] | 3. Certificates of deposit Certificate of Deposit Account Registry Service (CDARS) is a system that allows the Company to invest in certificates of deposit through a single financial institution that exceed the $250,000 CDARs held by the Company at June 30, 2018 2017 Under 90 91 days to Six months to Greater days six months 1 year than 1 year CDARS, as of June 30, 2018 $ 825 $ - $ - $ - CDARS, as of June 30, 2017 $ 3,039 $ - $ - $ - |
Note 4 - Inventory
Note 4 - Inventory | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventory Inventory consisted of the following (in thousands): June 30, 2018 2017 Raw materials $ 371 $ 191 Work in process 96 121 Finished goods 27 11 Total inventory $ 494 $ 323 June 30, 2018 2017 Enriched barium, non-current $ 276 $ 470 Raw materials, non-current 43 43 Total inventory, non-current $ 319 $ 513 Inventory, non-current represents raw materials that were ordered in quantities to obtain volume cost discounts which based on current and anticipated sales volumes will not August 25, 2017, 130 131 4,000 131. June 30, 2018 721 June 30, 2018, 2,629 660 June 30, 2019 1,969 June 30, 2019. no third 131 |
Note 5 - Prepaid expenses and O
Note 5 - Prepaid expenses and Other Current Assets | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2018 2017 Prepaid insurance $ 24 $ 52 Other prepaid expenses 241 122 Other current assets 29 30 Other receivables 41 67 Prepaid expenses and other current assets $ 335 $ 271 |
Note 6 - Property & Equipment
Note 6 - Property & Equipment | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property & Equipment Property & equipment consisted of the following (in thousands): June 30, 2018 2017 Land $ 366 $ 366 Equipment 4,152 3,776 Leasehold improvements 4,136 4,130 Other 1 328 373 Property and equipment 8,982 8,645 Less accumulated depreciation (7,671 ) (7,591 ) Property and equipment, net $ 1,311 $ 1,054 1. Plant and equipment, not no June 30, 2018 2017 $207,000 |
Note 7 - Restricted Cash
Note 7 - Restricted Cash | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Restricted Assets Disclosure [Text Block] | 7. Restricted Cash The Washington Department of Health requires the Company to provide collateral for the decommissioning of its facility. To satisfy this requirement, the Company has a certificate of deposit (CD) with a balance of $181,000. twelve not April 30, 2021. |
Note 8 - Other Assets, Net
Note 8 - Other Assets, Net | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 8. Other Assets, net Other assets, net of accumulated amortization consisted of the following (in thousands): June 30, 2018 2017 Website development $ 90 $ 90 Licenses 520 552 Patents and trademarks 366 366 Total Other Assets 976 1,008 Less: Accumulated Amortization (778 ) (778 ) Other assets, net $ 198 $ 230 Year Ended June 30, 2018 2017 2016 Amortization expense on website development $ 14 $ 12 $ - Amortization expense on licenses 18 16 16 Amortization expense on patents and trademarks 18 17 18 Change in estimate on patents and trademarks 1 - - 73 Total amortization expense $ 50 $ 45 $ 107 1. The change in estimate is the result of the review of information contained in the amortization assumptions which is based on new information resulted in a non-recurring change in the amortization expense. Future amortization is expected to be as follows (in thousands): Year ended June 30, 2019 $ 50 2020 24 2021 23 2022 23 2023 23 Thereafter 55 $ 198 |
Note 9 - Asset Retirement Oblig
Note 9 - Asset Retirement Obligation | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 9. Asset Retirement Obligation The Company has an asset retirement obligation (ARO) associated with the facility it currently leases. The ARO changed as follows (in thousands): Year Ended June 30, 2018 2017 Beginning balance $ 561 $ 580 Accretion of discount 29 29 Gain on change in ARO estimate - (48 ) Ending balance $ 590 $ 561 The original facility lease was scheduled to expire in the fourth 2016. June 30, 2016, three $580,000 $456,000 June 30, 2016. 3 $650,000, 1.1%, 5.1%. June 30, 2017 two 3 June 30, 2016, $48,000 |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Share-Based Compensation The Company currently provides share-based compensation under the 2017 2017 June 2017. Grants listed below made prior to fiscal 2017 The Company previously provided share-based compensation under the 2014 “2014 2016 “2016 January 31, 2017, No. 17 2 00194 2. In order to correct mistakes, if any, the Company agreed to seek approval of the 2014 2014 2016 June 15, 2017, 2014 2016 2014 2014 No 2016 The Company’s shareholders approved the 2017 “2017 June 2017. 2017 4,000,000 ten A total of 1,179,164 2014 2017 2017 2014 $494,000 $51,000 June 30, 2017. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options which have no not The weighted average fair value of stock option awards granted and the key assumptions used in the Black-Scholes valuation model to calculate the fair value are as follows: For the Year Ended June 30, 2018 2017 2016 Weighted average fair value $0.34 $0.45 $0.60 Options issued 1,125,000 2,150,000 1,185,500 Exercise price $0.44 to $0.58 $0.55 to $0.84 $0.64 to $1.53 Expected term (in years) 5 4 to 5 1 to 5 Risk-free rate 1.83% to 2.85% 1.62% to 1.83% 0.51% to 1.62% Volatility 94% - 101% 101% - 103% 106% - 118% The following table presents the share-based compensation expense (in thousands): For the Year Ended June 30, 2018 2017 2016 Cost of product sales $ 62 $ 86 $ 71 Research and development expense 92 60 14 Sales and marketing expense 92 86 23 General and administrative expense 158 140 182 Total share-based compensation $ 404 $ 372 $ 290 The total value of the stock options awards is expensed ratably over the vesting period of the employees receiving the awards. As of June 30, 2018, $691,000 1.21 A summary of stock option information within the Company’s share-based compensation plans during the fiscal years is presented below: Options Outstanding Price (a) Life (b) Value (c) Balance at June 30, 2015 2,418,282 $ 1.91 4.71 $ 692 Granted (d) 1,185,500 .87 Expired (459,594 ) 3.48 Forfeited (162,869 ) 1.67 Exercised (56,260 ) .89 Balance at June 30, 2016 2,925,059 $ 1.21 6.93 $ 263 Granted (d) 2,150,000 .61 Expired/Forfeited (509,904 ) 2.55 Voided (1,179,164 ) .94 Exercised (6,800 ) .26 Balance at June 30, 2017 3,379,191 $ 0.78 7.86 $ 151 Granted (d) 1,125,000 .47 Expired (100,000 ) .75 Forfeited (561,541 ) .77 Exercised (82,810 ) .61 Balance at June 30, 2018 3,759,840 .69 7.75 49 Vested and expected to vest at June 30, 2018 3,751,440 $ 0.68 7.76 $ 49 Exercisable at June 30, 2018 2,068,432 $ 0.82 6.34 $ 49 (a) Weighted average exercise price per share. (b) Weighted average remaining contractual life. (c) Aggregate intrinsic value (in thousands). (d) All options granted had exercise prices equal to or greater than the ending closing market price of the Company’s common stock on the grant date. The options were granted to employees and management by the Compensation Committee and had vesting periods from immediate to five For the Year Ended June 30, 2018 2017 2016 Aggregate intrinsic value of options exercised (in thousands) $ - $ 3 $ 28 The Company’s current policy is to issue new shares to satisfy option exercises. |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Shareholders’ Equity The authorized capital structure of the Company consists of $.001 $.001 Common Stock On May 8, 2018, 3.0% June 30, 2018, 980,918 $0.515 $505,000. 3.0% $68,000. Preferred Stock The Company’s Articles of Incorporation authorize 7,001,671 $0.001 Series A At June 30, 2018 2017, 1,000,000 no Series B Series B preferred shares are entitled to a cumulative 15% one 1933 $4,000,000. first On December 14, 2017, December 31, 2017. $11,000 December 31, 2017. June 30, 2018, 59,065 $5,000 Series C At June 30, 2018 2017, 1,000,000 no Series D Established in August 2013, not first not 1,869.15 9.99% June 30, 2018 2017, no Warrants Warrant derivative liability In prior years, management concluded that the warrants issued in the 2011 June 30, 2017. Change in fair value of the warrant derivative liability is as follows (in thousands): For the Year Ended June 30, 2018 2017 2016 Change in fair value of the warrant derivative liability $ - $ 27 $ 154 During the year ended June 30, 2018, third Weighted average fair value $0.41 Warrants issued 500,000 Exercise price $0.01 to 0.54 Expected term (in years) 2 to 3 Risk-free rate 1.62% to 2.55% Volatility 60% - 82% The following table summarizes the activity of all stock warrants and weighted average exercise prices. Warrants Price (a) Balance at June 30, 2015 385,800 1.22 Warrants expired (155,713 ) 1.63 Balance at June 30, 2016 230,087 $ 0.94 Warrants expired (230,087 ) 0.94 Balance at June 30, 2017 - - Warrants issued 500,000 0.28 Warrants exercised (250,000 ) 0.01 Balance at June 30, 2018 250,000 $ 0.54 (a) Weighted average exercise price per share. As of June 30, 2018, 250,000 October 3, 2020. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes Due to net losses, the Company did not June 30, 2018, 2017 2016. The significant deferred tax components using a federal income tax rate of 21% 35% June 30, 2018 2017, As of June 30, 201 8 201 7 Fixed assets $ 197 $ 519 Share-based compensation 480 664 Other accruals 38 33 Asset retirement obligation 124 196 Other 10 9 Net operating loss carryforwards 14,171 21,302 Total deferred tax assets 15,020 22,723 Valuation allowance (15,020 ) (22,723 ) Total $ - $ - As management of the Company cannot determine that it is more likely than not 100% June 30, 2018 2017. The Company has federal net operating loss carryforwards of approximately $67 June 30, 2018 2028 2039. On December 22, 2017, not June 30, 2018 $9.5 June 30, 2018, 35% 21%. The Company’s statutory rate reconciliation is as follows (in thousands): For the year ended June 30, 201 8 201 7 201 6 U.S. federal blended income tax rate 28% 35% 35% Expected income tax benefit $ (1,878 ) $ (2,157 ) $ (1,649 ) Meals and entertainment 21 17 7 Non-deductible penalties 4 16 21 Warrant derivative liability - (9 ) (54 ) Share-based compensation - 10 - Impact on the change in income tax rate 9,556 - - Change in valuation allowance (7,703 ) 2,123 1,675 Income tax expense (benefit) $ - $ - $ - The Company has reviewed the tax positions taken and concluded that it does not Currently, tax years 2016 2018 2016 |
Note 13 - 401(k) and Profit Sha
Note 13 - 401(k) and Profit Sharing Plan | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 13. 401 The Company has a 401 2007, 401 401 not 401 |
Note 14 - Distribution Agreemen
Note 14 - Distribution Agreements | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Agreements Disclosure [Text Block] | 14. Distribution Agreements On July 14, 2017, one two one August 1, 2016. one two one |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and Contingencies Royalty Agreement for Invention and Patent Application A former employee and shareholder of the Company previously assigned his rights, title and interest in an invention to IsoRay Products LLC (a predecessor company) in exchange for a royalty equal to 1% The Company must also pay a royalty of 2% third During fiscal years 2018, 2017 2016, $27,000, $21,000, $18,000, Patent and Know-How Royalty License Agreement The Company is the holder of an exclusive license to use certain “know-how” developed by one 1% no no The licensor of the “know-how” has disputed management’s contention that it is not September 25, 2007 October 31, 2007, no April 2008, may Irradiation Services Agreement On November 29, 2016, 131, 131 five November 29, 2021 twelve three not Isotope Purchase Agreement In December 2015, 131 one 131. March 31, 2017, December2016 December 31, 2017. October 23, 2017, 131 December 31, 2018. $2,328,000. 131 $504,000 June 30, 2018. Operating Lease Agreements The Company leases office and laboratory space under an operating lease. The lease may six November 1, 2016 April 30, 2021. Year ending June 30, Amount 2019 290 2020 290 2021 241 Total future minimum lease payments $ 821 For the Year Ended June 30, 2018 2017 2016 Rental expense $ 285 $ 288 $ 292 Royalty Agreements for Licensed Intellectual Property related to the GliaSite® RTS In June 2011, April 2016, June 30, 2016. $15,000 June 30, 2016. no 2018 2017. The Company recorded royalty expenses related to the licensed intellectual property utilized in the manufacture and sale of the GliaSite ® For the Year Ended June 30, 2018 2017 2016 Royalty expense $ - $ - $ 28 Research and Development - Collaborative Arrangement On March 13, 2017, November 8, 2016 Costs incurred in connection with the collaboration agreement during fiscal years 2018 2017 $769,000 $387,000, $568,000 $546,000. June 30, 2018 2017, $22,000 $66,000, Class Action Lawsuit re Equity Plans On January 31, 2017, No. 17 2 00194 2. May 16, 2017, $195,000 July 10, 2017. 10. Property Transaction between Medical and The Port of Benton On September 10, 2015, 4.2 $168,000. Medical failed to comply with a provision to begin construction by January 31, 2017. $168,000 $365,900. $197,900 May 2017. no |
Note 16 - Concentrations of Cre
Note 16 - Concentrations of Credit and Other Risks | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 16. Concentrations of Credit and Other Risks The Company’s financial instruments that were exposed to concentrations of credit risk consist primarily of cash and cash equivalents, certificates of deposit, and accounts receivable. The Company’s certificates of deposit are maintained in the Certificate of Deposit Account Registry Service (CDARS®) Columbia State Bank at June 30, 2018. The Company’s cash and cash equivalents were maintained with high-quality financial institutions at June 30, 2018 2017, $250,000. June 30, 2018 2017, One group of customers, facilities or physician practices has revenues that aggregate to greater than 10% not 10% one Year ended June 30, Facility 2018 % of total revenue 2017 % of total revenue 2016 % of total revenue El Camino, Los Gatos, & other facilities 24.2 % 22.9 % 24.2 % The Company routinely assesses the financial strength of its customers and provides an allowance for doubtful accounts as necessary. At both June 30, 2018 2017, $26,000 Inventories Most components used in the Company’s product are purchased from outside sources. Certain components are purchased from single suppliers. The failure of any such supplier to meet its commitment on schedule could have a material adverse effect on the Company’s business, operating results and financial condition. If a sole-source supplier, a supplier of Cesium- 131 may 131 |
Note 17 - Related Party Transac
Note 17 - Related Party Transactions | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 17. Related Party Transactions During the fiscal year 2016, June 30, 2016, $6,000; $6,000. January 2016. During fiscal year 2017, 1/3 2017, $20,374 2016: $105,659 2018 no |
Note 18 - Quarterly Financial D
Note 18 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 18. Quarterly Financial Data (Unaudited) The following table provides the selected quarterly financial data for fiscal years 2018 2017 Quarters ended September 30, December 31, March 31, June 30, 2017 2017 2018 2018 Net revenue $ 1,211 $ 1,536 $ 1,573 $ 1,603 Gross profit $ 265 $ 531 $ 609 $ 437 Net loss $ (1,546 ) $ (1,463 ) $ (1,332 ) $ (2,359 ) Net loss per share – basic and diluted $ (0.03 ) $ (0.03 ) $ (0.02 ) $ (0.04 ) Shares used in basic and diluted per share calculation 55,017 55,056 55,100 55,463 Quarters ended September 30, December 31, March 31, June 30, 2016 2016 2017 2017 Net revenue $ 1,081 $ 1,028 $ 1,282 $ 1,370 Gross profit/(loss) $ 48 $ (1 ) $ 293 $ 498 Net loss $ (1,498 ) $ (1,450 ) $ (1,360 ) $ (1,854 ) Net loss per share – basic and diluted $ (0.03 ) $ (0.03 ) $ (0.02 ) $ (0.03 ) Shares used in basic and diluted per share calculation 55,011 55,017 55,017 55,017 1. Due to rounding, the total of the individual quarters and the year-end calculation on the Consolidated Statement of Operations may |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. Subsequent Events On July 9, 2018, On July 11, 2018, 11,000,000 $0.75 $8.25 3 November 23, 2015. $7,600,000, 5,500,000 $0.75 six five one not On September 24, 2018, December 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP), and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively the Company). All significant inter-company transactions and balances have been eliminated in consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers currency on hand, demand deposits, time deposits, and all highly liquid investments with an original maturity of three |
Investment, Policy [Policy Text Block] | Certificates of Deposit Certificates of deposit with original maturities greater than three one one |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Accounts receivable are stated at the amount that management of the Company expects to collect from outstanding balances. Management provides for probable uncollectible amounts through an allowance for doubtful accounts. Additions to the allowance for doubtful accounts are based on management’s judgment, considering historical experience with write-offs, collections and current credit conditions. Balances which remain outstanding after management has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable. Payments received subsequent to the time that an account is written off are treated as bad debt recoveries. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is reported at the lower of cost or net realizable value. Cost of raw materials is determined using the weighted average method. Cost of work in process and finished goods is computed using standard cost, which approximates actual cost, on a first first The cost of materials and production costs contained in inventory that are not no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Fixed assets are capitalized and carried at cost less accumulated depreciation. Normal maintenance and repairs are charged to expense as incurred. When any assets are sold or otherwise disposed of, the cost and accumulated depreciation are reversed with any resulting gain or loss being recognized on the consolidated statement of operations. Depreciation is computed using the straight-line method over the following estimated useful lives: Production equipment (in years) 3 to 7 Office equipment (in years) 2 to 5 Furniture and fixtures (in years) 2 to 5 Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the asset. Management periodically reviews the net carrying value of all of its long-lived assets on an asset by asset basis. An impairment loss is recognized if the carrying amount of a defined asset group is not Although management has made its best estimate of the factors that affect the carrying value based on current conditions, it is reasonably possible that changes could occur which could adversely affect management’s estimate of net cash flows expected to be generated from its assets that could result in an impairment adjustment. |
Other Assets [Policy Text Block] | Prepaid Expenses and Other Assets Prepaid expenses and other assets, which include website development costs, trademarks, patents and licenses, are stated at cost, less accumulated amortization. For website development, costs incurred in the planning stage are expensed as incurred whereas costs associated with the application and infrastructure development, graphics development, and content development are capitalized. Amortization of website development costs is computed using the straight-line method over the estimated economic useful lives of the asset. Trademarks and patents include costs, primarily legal, incurred in obtaining them. Amortization of trademarks and patents is computed using the straight-line method over the estimated economic useful lives of the assets. Licenses include costs related to licenses pertaining to the use of technology or operational licenses. These licenses are recorded at stated cost, less accumulated amortization. Amortization of licenses is computed using the straight-line method over the estimated economic useful lives of the assets. The Company periodically reviews the carrying values of other assets and evaluates the recorded basis for any impairment. Any impairment is recognized when the expected future operating cash flows to be derived from the licenses are less than their carrying value. |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligation The estimated fair value of the future retirement costs of the Company’s leased assets and the costs for the decontamination and reclamation of equipment located within the footprint leased asset are recorded as a liability on a discounted basis when a contractual obligation exists; an equivalent amount is capitalized to property and equipment. The initial recorded obligation is discounted using the Company's credit-adjusted risk-free rate and is reviewed periodically for changes in the estimated future costs underlying the obligation. The Company amortizes the initial amount capitalized to property and equipment and recognizes accretion expense in connection with the discounted liability over the estimated remaining useful life of the leased assets. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments The Company discloses the fair value of financial instruments, both assets and liabilities, recognized and not June 30, 2018 2017, |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 2 3 no At June 30, 2018 2017, no 3 not 9 no three June 30, 2018. The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. (In thousands) Fair value at June 30, 2018 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,600 $ 2,600 $ - $ - Fair value at June 30, 2017 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5,932 $ 5,932 $ - $ - The Company’s cash and cash equivalent instruments are classified within Level 1 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue related to product sales when (i) persuasive evidence of an arrangement exists, (ii) shipment has occurred, (iii) the fee is fixed or determinable, and (iv) collectability is reasonably assured. The Company recognizes revenue once the product has been shipped to the customer. Prepayments, if any, received from customers prior to the time that products are shipped are recorded as deferred revenue. In these cases, when the related products are shipped, the amount recorded as deferred revenue is then recognized as revenue. The Company accrues for sales returns and other allowances at the time of shipment. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs include charges associated with delivery of goods from the Company’s facilities to its customers and are reflected in cost of product sales. Shipping and handling costs paid to the Company by its customers are classified as product sales. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation The Company measures and recognizes expense for all share-based payments at fair value. The Company uses the Black-Scholes option valuation model to estimate fair value for all stock options on the date of grant. For stock options that vest over time, the Company recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and Development - Proprietary Research and development costs, including salaries, research materials, administrative expenses and contractor fees, are charged to operations as incurred. The cost of equipment used in research and development activities which has alternative uses is capitalized as part of fixed assets and not Research and Development - Collaborative Arrangement Research and development costs incurred and shared in connection with a collaborative research and development project are separately stated in the consolidated statement of operation under “Research and development: Collaboration arrangements, net of reimbursement.” |
Advertising Costs, Policy [Policy Text Block] | Advertising and Marketing Costs Advertising costs are expensed as incurred except for the cost of tradeshows and related marketing materials which are deferred until the tradeshow occurs. (In thousands) For the Years Ended June 30, 2018 2017 2016 Advertising and marketing costs expensed (including tradeshows) $ 329 $ 323 $ 157 At June 30, 2018 2017 Prepaid marketing expenses deferred until event occurs $ 9 $ 11 |
Commitments and Contingencies, Policy [Policy Text Block] | Legal Contingencies The Company records contingent liabilities resulting from asserted and unasserted claims against it, when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. Estimating probable losses requires analysis of multiple factors, in some cases including judgments about the potential actions of third not |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the liability method. Under this method, the Company provides deferred income taxes for temporary differences that will result in taxable or deductible amounts in future years based on the reporting of certain costs in different periods for financial statement and income tax purposes. This method also requires the recognition of future tax benefits such as net operating loss carry-forwards, to the extent that realization of such benefits is more likely than not. |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Common Share Basic earnings per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding, and does not Securities that could be dilutive in the future are as follows: June 30, 2018 2017 2016 Preferred stock 59,065 59,065 59,065 Common stock warrants 250,000 - 230,087 Common stock options 3,759,840 3,379,191 2,925,059 Total potential dilutive securities 4,068,905 3,438,256 3,214,211 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in accordance with generally accepted accounting principles in the United States of America requires management of the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes of the Company including the allowance for doubtful accounts receivable; net realizable value of the enriched barium inventory; the estimated useful lives used in calculating depreciation and amortization on the Company’s fixed assets, patents, trademarks and other assets; estimated amount and fair value of the asset retirement obligation related to the Company’s production facilities; and inputs to the Black-Scholes calculation used in determining the expense related to share-based compensation including volatility, estimated lives and forfeiture rates of options granted. Accordingly, actual results could differ from those estimates and affect the amounts reported in the financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, No. 2014 09 605 10 five first 2019, first 2018. first 2019 2014 09 not In February 2016, 2016 02 842 December 15, 2018. July 1, 2019. In March 2016, No. 2016 09, 718 2016 09 2016 09 December 15, 2016. first 2018. no July 1, 2017, $44,000 no June 30, 2018, $16,000 In August 2016, No. 2016 15 230 eight December 15, 2017, In November 2016, 2016 18, 230 2016 18 no one 2016 18 December 15, 2017 2016 18 first 2019. not Other accounting standards that have been issued or proposed by FASB that do not not not not |
Note 2 - Summary of Significa27
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Estimated Useful Lives of Assets [Table Text Block] | Production equipment (in years) 3 to 7 Office equipment (in years) 2 to 5 Furniture and fixtures (in years) 2 to 5 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair value at June 30, 2018 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 2,600 $ 2,600 $ - $ - Fair value at June 30, 2017 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 5,932 $ 5,932 $ - $ - |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | For the Years Ended June 30, 2018 2017 2016 Advertising and marketing costs expensed (including tradeshows) $ 329 $ 323 $ 157 At June 30, 2018 2017 Prepaid marketing expenses deferred until event occurs $ 9 $ 11 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, 2018 2017 2016 Preferred stock 59,065 59,065 59,065 Common stock warrants 250,000 - 230,087 Common stock options 3,759,840 3,379,191 2,925,059 Total potential dilutive securities 4,068,905 3,438,256 3,214,211 |
Note 3 - Certificates of Depo28
Note 3 - Certificates of Deposit (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Cost Method Investments [Table Text Block] | Under 90 91 days to Six months to Greater days six months 1 year than 1 year CDARS, as of June 30, 2018 $ 825 $ - $ - $ - CDARS, as of June 30, 2017 $ 3,039 $ - $ - $ - |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2018 2017 Raw materials $ 371 $ 191 Work in process 96 121 Finished goods 27 11 Total inventory $ 494 $ 323 |
Schedule of Inventory, Noncurrent [Table Text Block] | June 30, 2018 2017 Enriched barium, non-current $ 276 $ 470 Raw materials, non-current 43 43 Total inventory, non-current $ 319 $ 513 |
Note 5 - Prepaid expenses and30
Note 5 - Prepaid expenses and Other Current Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, 2018 2017 Prepaid insurance $ 24 $ 52 Other prepaid expenses 241 122 Other current assets 29 30 Other receivables 41 67 Prepaid expenses and other current assets $ 335 $ 271 |
Note 6 - Property & Equipment (
Note 6 - Property & Equipment (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2018 2017 Land $ 366 $ 366 Equipment 4,152 3,776 Leasehold improvements 4,136 4,130 Other 1 328 373 Property and equipment 8,982 8,645 Less accumulated depreciation (7,671 ) (7,591 ) Property and equipment, net $ 1,311 $ 1,054 |
Note 8 - Other Assets, Net (Tab
Note 8 - Other Assets, Net (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | June 30, 2018 2017 Website development $ 90 $ 90 Licenses 520 552 Patents and trademarks 366 366 Total Other Assets 976 1,008 Less: Accumulated Amortization (778 ) (778 ) Other assets, net $ 198 $ 230 Year Ended June 30, 2018 2017 2016 Amortization expense on website development $ 14 $ 12 $ - Amortization expense on licenses 18 16 16 Amortization expense on patents and trademarks 18 17 18 Change in estimate on patents and trademarks 1 - - 73 Total amortization expense $ 50 $ 45 $ 107 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ended June 30, 2019 $ 50 2020 24 2021 23 2022 23 2023 23 Thereafter 55 $ 198 |
Note 9 - Asset Retirement Obl33
Note 9 - Asset Retirement Obligation (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Year Ended June 30, 2018 2017 Beginning balance $ 561 $ 580 Accretion of discount 29 29 Gain on change in ARO estimate - (48 ) Ending balance $ 590 $ 561 |
Note 10 - Share-based Compens34
Note 10 - Share-based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Year Ended June 30, 2018 2017 2016 Weighted average fair value $0.34 $0.45 $0.60 Options issued 1,125,000 2,150,000 1,185,500 Exercise price $0.44 to $0.58 $0.55 to $0.84 $0.64 to $1.53 Expected term (in years) 5 4 to 5 1 to 5 Risk-free rate 1.83% to 2.85% 1.62% to 1.83% 0.51% to 1.62% Volatility 94% - 101% 101% - 103% 106% - 118% |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | For the Year Ended June 30, 2018 2017 2016 Cost of product sales $ 62 $ 86 $ 71 Research and development expense 92 60 14 Sales and marketing expense 92 86 23 General and administrative expense 158 140 182 Total share-based compensation $ 404 $ 372 $ 290 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Options Outstanding Price (a) Life (b) Value (c) Balance at June 30, 2015 2,418,282 $ 1.91 4.71 $ 692 Granted (d) 1,185,500 .87 Expired (459,594 ) 3.48 Forfeited (162,869 ) 1.67 Exercised (56,260 ) .89 Balance at June 30, 2016 2,925,059 $ 1.21 6.93 $ 263 Granted (d) 2,150,000 .61 Expired/Forfeited (509,904 ) 2.55 Voided (1,179,164 ) .94 Exercised (6,800 ) .26 Balance at June 30, 2017 3,379,191 $ 0.78 7.86 $ 151 Granted (d) 1,125,000 .47 Expired (100,000 ) .75 Forfeited (561,541 ) .77 Exercised (82,810 ) .61 Balance at June 30, 2018 3,759,840 .69 7.75 49 Vested and expected to vest at June 30, 2018 3,751,440 $ 0.68 7.76 $ 49 Exercisable at June 30, 2018 2,068,432 $ 0.82 6.34 $ 49 For the Year Ended June 30, 2018 2017 2016 Aggregate intrinsic value of options exercised (in thousands) $ - $ 3 $ 28 |
Note 11 - Shareholders' Equity
Note 11 - Shareholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | For the Year Ended June 30, 2018 2017 2016 Change in fair value of the warrant derivative liability $ - $ 27 $ 154 |
Schedule of Share-based Payment Award, Warrants, Valuation Assumptions [Table Text Block] | Weighted average fair value $0.41 Warrants issued 500,000 Exercise price $0.01 to 0.54 Expected term (in years) 2 to 3 Risk-free rate 1.62% to 2.55% Volatility 60% - 82% |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Price (a) Balance at June 30, 2015 385,800 1.22 Warrants expired (155,713 ) 1.63 Balance at June 30, 2016 230,087 $ 0.94 Warrants expired (230,087 ) 0.94 Balance at June 30, 2017 - - Warrants issued 500,000 0.28 Warrants exercised (250,000 ) 0.01 Balance at June 30, 2018 250,000 $ 0.54 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of June 30, 201 8 201 7 Fixed assets $ 197 $ 519 Share-based compensation 480 664 Other accruals 38 33 Asset retirement obligation 124 196 Other 10 9 Net operating loss carryforwards 14,171 21,302 Total deferred tax assets 15,020 22,723 Valuation allowance (15,020 ) (22,723 ) Total $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the year ended June 30, 201 8 201 7 201 6 U.S. federal blended income tax rate 28% 35% 35% Expected income tax benefit $ (1,878 ) $ (2,157 ) $ (1,649 ) Meals and entertainment 21 17 7 Non-deductible penalties 4 16 21 Warrant derivative liability - (9 ) (54 ) Share-based compensation - 10 - Impact on the change in income tax rate 9,556 - - Change in valuation allowance (7,703 ) 2,123 1,675 Income tax expense (benefit) $ - $ - $ - |
Note 15 - Commitments and Con37
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending June 30, Amount 2019 290 2020 290 2021 241 Total future minimum lease payments $ 821 For the Year Ended June 30, 2018 2017 2016 Rental expense $ 285 $ 288 $ 292 |
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | For the Year Ended June 30, 2018 2017 2016 Royalty expense $ - $ - $ 28 |
Note 16 - Concentrations of C38
Note 16 - Concentrations of Credit and Other Risks (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year ended June 30, Facility 2018 % of total revenue 2017 % of total revenue 2016 % of total revenue El Camino, Los Gatos, & other facilities 24.2 % 22.9 % 24.2 % |
Note 18 - Quarterly Financial39
Note 18 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarters ended September 30, December 31, March 31, June 30, 2017 2017 2018 2018 Net revenue $ 1,211 $ 1,536 $ 1,573 $ 1,603 Gross profit $ 265 $ 531 $ 609 $ 437 Net loss $ (1,546 ) $ (1,463 ) $ (1,332 ) $ (2,359 ) Net loss per share – basic and diluted $ (0.03 ) $ (0.03 ) $ (0.02 ) $ (0.04 ) Shares used in basic and diluted per share calculation 55,017 55,056 55,100 55,463 Quarters ended September 30, December 31, March 31, June 30, 2016 2016 2017 2017 Net revenue $ 1,081 $ 1,028 $ 1,282 $ 1,370 Gross profit/(loss) $ 48 $ (1 ) $ 293 $ 498 Net loss $ (1,498 ) $ (1,450 ) $ (1,360 ) $ (1,854 ) Net loss per share – basic and diluted $ (0.03 ) $ (0.03 ) $ (0.02 ) $ (0.03 ) Shares used in basic and diluted per share calculation 55,011 55,017 55,017 55,017 |
Note 2 - Summary of Significa40
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Adoption of ASU 2016-09, Reclassification from Retained Earnings to Additional Paid in Capital | |||
Allocated Share-based Compensation Expense, Total | 404,000 | $ 372,000 | $ 290,000 |
Accounting Standards Update 2016-09 [Member] | |||
Allocated Share-based Compensation Expense, Total | 16,000 | ||
Additional Paid-in Capital [Member] | |||
Adoption of ASU 2016-09, Reclassification from Retained Earnings to Additional Paid in Capital | 44,000 | ||
Additional Paid-in Capital [Member] | Accounting Standards Update 2016-09 [Member] | |||
Adoption of ASU 2016-09, Reclassification from Retained Earnings to Additional Paid in Capital | 44,000 | ||
Retained Earnings [Member] | |||
Adoption of ASU 2016-09, Reclassification from Retained Earnings to Additional Paid in Capital | (44,000) | ||
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member] | |||
Adoption of ASU 2016-09, Reclassification from Retained Earnings to Additional Paid in Capital | $ (44,000) |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Jun. 30, 2018 | |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Office Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 2 years |
Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 2 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 2 - Summary of Significa42
Note 2 - Summary of Significant Accounting Policies - Financial Assets and Liabilities Measured at Fair value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Cash and cash equivalents | $ 2,600 | $ 5,932 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 2,600 | 5,932 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents |
Note 2 - Summary of Significa43
Note 2 - Summary of Significant Accounting Policies - Advertising and Marketing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Advertising and marketing costs expensed (including tradeshows) | $ 329 | $ 323 | $ 157 |
Prepaid marketing expenses deferred until event occurs | $ 9 | $ 11 |
Note 2 - Summary of Significa44
Note 2 - Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities (in shares) | 4,068,905 | 3,438,256 | 3,214,211 |
Preferred Stocks [Member] | |||
Antidilutive Securities (in shares) | 59,065 | 59,065 | 59,065 |
Warrant [Member] | |||
Antidilutive Securities (in shares) | 250,000 | 230,087 | |
Employee Stock Option [Member] | |||
Antidilutive Securities (in shares) | 3,759,840 | 3,379,191 | 2,925,059 |
Note 3 - Certificates of Depo45
Note 3 - Certificates of Deposit - Summary of Certificates of Deposit (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Under 90 Days [Member] | ||
CDARS | $ 825 | $ 3,039 |
For 91 Days to Six Months [Member] | ||
CDARS | ||
Six Months to 1 Year [Member] | ||
CDARS | ||
Greater than 1 Year [Member] | ||
CDARS |
Note 4 - Inventory - Current In
Note 4 - Inventory - Current Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Raw materials | $ 371 | $ 191 |
Work in process | 96 | 121 |
Finished goods | 27 | 11 |
Total inventory | $ 494 | $ 323 |
Note 4 - Inventory - Noncurrent
Note 4 - Inventory - Noncurrent Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Total inventory, non-current | $ 319 | $ 513 |
Enriched Barium Inventory [Member] | ||
Total inventory, non-current | 276 | 470 |
Raw Materials [Member] | ||
Total inventory, non-current | $ 43 | $ 43 |
Note 5 - Prepaid expenses and48
Note 5 - Prepaid expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Prepaid insurance | $ 24 | $ 52 |
Other prepaid expenses | 241 | 122 |
Other current assets | 29 | 30 |
Other receivables | 41 | 67 |
Prepaid expenses and other current assets | $ 335 | $ 271 |
Note 6 - Property & Equipment49
Note 6 - Property & Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Depreciation, Total | $ 80,000 | $ 68,000 | $ 471,000 |
Other [Member] | |||
Depreciation, Total | 0 | ||
Construction in Progress [Member] | |||
Capitalized Costs Related to Advance Planning and Design Work | $ 207,000 | $ 207,000 |
Note 6 - Property & Equipment -
Note 6 - Property & Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | |
Property and equipment, gross | $ 8,982 | $ 8,645 | |
Less accumulated depreciation | (7,671) | (7,591) | |
Property and equipment, net | 1,311 | 1,054 | |
Land [Member] | |||
Property and equipment, gross | 366 | 366 | |
Equipment [Member] | |||
Property and equipment, gross | 4,152 | 3,776 | |
Leasehold Improvements [Member] | |||
Property and equipment, gross | 4,136 | 4,130 | |
Other [Member] | |||
Property and equipment, gross | [1] | $ 328 | $ 373 |
[1] | Plant and equipment, not placed in service are items that meet the capitalization threshold or which management believes will meet the threshold at the time of completion and which have yet to be placed into service as of the date of the balance sheet, and therefore, no depreciation expense has been recognized. Also included at June 30, 2018 and 2017 are costs associated with advance planning and design work on the Company's new production facility of $207,000. |
Note 7 - Restricted Cash (Detai
Note 7 - Restricted Cash (Details Textual) | Jun. 30, 2018USD ($) |
Certificates of Deposit [Member] | |
Restricted Cash and Cash Equivalents, Total | $ 181,000 |
Note 8 - Other Assets, Net - Ot
Note 8 - Other Assets, Net - Other Assets, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Finite-Lived Intangible Assets, Gross | $ 976 | $ 1,008 | ||
Less: Accumulated Amortization | (778) | (778) | ||
Other assets, net | 198 | 230 | ||
Amortization of Intangible Assets | 50 | 45 | $ 107 | |
Change in estimate on patents and trademarks | [1] | 73 | ||
Computer Software, Intangible Asset [Member] | ||||
Finite-Lived Intangible Assets, Gross | 90 | 90 | ||
Amortization of Intangible Assets | 14 | 12 | ||
Licensing Agreements [Member] | ||||
Finite-Lived Intangible Assets, Gross | 520 | 552 | ||
Amortization of Intangible Assets | 18 | 16 | 16 | |
Intellectual Property [Member] | ||||
Finite-Lived Intangible Assets, Gross | 366 | 366 | ||
Amortization of Intangible Assets | $ 18 | $ 17 | $ 18 | |
[1] | The change in estimate is the result of the review of information contained in the amortization assumptions which is based on new information resulted in a non-recurring change in the amortization expense. |
Note 8 - Other Assets, Net - Fu
Note 8 - Other Assets, Net - Furture Amortization (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Year ended June 30, 2019 | $ 50 | |
2,020 | 24 | |
2,021 | 23 | |
2,022 | 23 | |
2,023 | 23 | |
Thereafter | 55 | |
Other assets, net | $ 198 | $ 230 |
Note 9 - Asset Retirement Obl54
Note 9 - Asset Retirement Obligation (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Asset Retirement Obligation, Ending Balance | $ 590,000 | $ 561,000 | $ 580,000 |
Asset Retirement Obligation, Revision of Estimate | $ (48,000) | (456,000) | |
Estimated Asset Retirement Cost | $ 650,000 | ||
Asset Retirement Obligation Assumed Inflation Factor | 1.10% | ||
Asset Retirement Obligation Assumed Credit Adjusted Risk Free Rate | 5.10% |
Note 9 - Asset Retirement Obl55
Note 9 - Asset Retirement Obligation - Asset Retirement Obligation (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Beginning balance | $ 561,000 | $ 580,000 | |
Accretion of discount | 29,000 | 29,000 | $ 89,000 |
Gain on change in ARO estimate | (48,000) | (456,000) | |
Ending balance | $ 590,000 | $ 561,000 | $ 580,000 |
Note 10 - Share-based Compens56
Note 10 - Share-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share Based Compensation Arrangement by Share Based Payment Award Options Voided | 1,179,164 | |||
Allocated Share-based Compensation Expense, Total | $ 404,000 | $ 372,000 | $ 290,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 691,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 76 days | |||
Employee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
The 2017 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | 4,000,000 | ||
Compensation Costs for Replacement Options | $ 494,000 | |||
Allocated Share-based Compensation Expense, Total | $ 51,000 | |||
The 2017 Incentive Plan [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
The 2014 Employee Stock Option Plan [Member] | ||||
Share Based Compensation Arrangement by Share Based Payment Award Options Voided | 1,179,164 |
Note 10 - Share-based Compens57
Note 10 - Share-based Compensation - Assumptions (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Weighted average fair value (in dollars per share) | $ 0.34 | $ 0.45 | $ 0.60 |
Options issued (in shares) | 1,125,000 | 2,150,000 | 1,185,500 |
Expected term (in years) (Year) | 5 years | ||
Minimum [Member] | |||
Exercise price (in dollars per share) | $ 0.44 | $ 0.55 | $ 0.64 |
Expected term (in years) (Year) | 4 years | 1 year | |
Risk-free rate | 1.83% | 1.62% | 0.51% |
Volatility | 94.00% | 101.00% | 106.00% |
Maximum [Member] | |||
Exercise price (in dollars per share) | $ 0.58 | $ 0.84 | $ 1.53 |
Expected term (in years) (Year) | 5 years | 5 years | |
Risk-free rate | 2.85% | 1.83% | 1.62% |
Volatility | 101.00% | 103.00% | 118.00% |
Note 10 - Share-based Compens58
Note 10 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based compensation | $ 404 | $ 372 | $ 290 |
Cost of Sales [Member] | |||
Share-based compensation | 62 | 86 | 71 |
Research and Development Expense [Member] | |||
Share-based compensation | 92 | 60 | 14 |
Selling and Marketing Expense [Member] | |||
Share-based compensation | 92 | 86 | 23 |
General and Administrative Expense [Member] | |||
Share-based compensation | $ 158 | $ 140 | $ 182 |
Note 10 - Share-based Compens59
Note 10 - Share-based Compensation - Summary of Stock Option (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Balance, Options (in shares) | 3,379,191 | 2,925,059 | 2,418,282 | ||
Granted, Price (in dollars per share) | [1],[2] | $ 0.47 | $ 0.61 | $ 0.87 | |
Exercised, Options (in shares) | (82,810) | (6,800) | (56,260) | ||
Voided, Options (in shares) | (1,179,164) | ||||
Exercised, Price (in dollars per share) | [2] | $ 0.61 | $ 0.26 | $ 0.89 | |
Balance, Life (Year) | [3] | 7 years 273 days | 7 years 313 days | 6 years 339 days | 4 years 259 days |
Expired, Options (in shares) | (100,000) | (509,904) | (459,594) | ||
Forfeited, Price (in dollars per share) | [2] | $ 0.77 | $ 1.67 | ||
Balance, Value | [4] | $ 49 | $ 151 | $ 263 | $ 692 |
Vested and expected to vest, Options (in shares) | 3,751,440 | ||||
Exercisable, Price (in dollars per share) | [2] | $ 0.82 | |||
Aggregate intrinsic value of options exercised (in thousands) | $ 3 | $ 28 | |||
Balance, Price (in dollars per share) | [2] | $ 0.78 | $ 1.21 | $ 1.91 | |
Forfeited, Options (in shares) | (561,541) | (162,869) | |||
Voided, Price (in dollars per share) | [2] | $ 0.94 | |||
Granted, Options (in shares) | [1] | 1,125,000 | 2,150,000 | 1,185,500 | |
Expired, Price (in dollars per share) | [2] | $ 0.75 | $ 2.55 | $ 3.48 | |
Balance, Options (in shares) | 3,759,840 | 3,379,191 | 2,925,059 | 2,418,282 | |
Vested and expected to vest, Price (in dollars per share) | [2] | $ 0.68 | |||
Exercisable, Life (Year) | [3] | 6 years 124 days | |||
Balance, Price (in dollars per share) | [2] | $ 0.69 | $ 0.78 | $ 1.21 | $ 1.91 |
Vested and expected to vest, Life (Year) | [3] | 7 years 277 days | |||
Exercisable, Value | [4] | $ 49 | |||
Vested and expected to vest, Value | [4] | $ 49 | |||
Exercisable, Options (in shares) | 2,068,432 | ||||
[1] | All options granted had exercise prices equal to or greater than the ending closing market price of the Company's common stock on the grant date. The options were granted to employees and management by the Compensation Committee and had vesting periods from immediate to five years. | ||||
[2] | Weighted average exercise price per share. | ||||
[3] | Weighted average remaining contractual life. | ||||
[4] | Aggregate intrinsic value (in thousands). |
Note 11 - Shareholders' Equit60
Note 11 - Shareholders' Equity (Details Textual) - USD ($) | 2 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | Jun. 30, 2015 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||
Proceeds from Issuance of Common Stock | $ 479,000 | |||||
Preferred Stock, Shares Authorized | 7,001,671 | 7,001,671 | 7,001,671 | |||
Class of Warrant or Right, Outstanding | 250,000 | 250,000 | 230,087 | 385,800 | ||
Series A Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 | |||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | 0 | |||
Preferred Stock, Shares Issued, Total | 0 | 0 | 0 | |||
Series B Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | |||
Preferred Stock, Shares Outstanding, Ending Balance | 59,065 | 59,065 | 59,065 | |||
Preferred Stock, Dividend Rate, Percentage | 15.00% | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1 | 1 | ||||
Convertible Preferred Stock Terms of Forced Conversion | $ 4,000,000 | |||||
Cumulative Dividends | $ 11,000 | |||||
Preferred Stock, Amount of Preferred Dividends in Arrears | $ 5,000 | |||||
Preferred Stock, Shares Issued, Total | 59,065 | 59,065 | 59,065 | |||
Series C Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 | |||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | 0 | |||
Preferred Stock, Shares Issued, Total | 0 | 0 | 0 | |||
Series D Preferred Stock [Member] | ||||||
Preferred Stock, Shares Authorized | 1,671 | 1,671 | 1,671 | |||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | 0 | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 1,869.15 | 1,869.15 | ||||
Preferred Stock, Shares Issued, Total | 0 | 0 | 0 | |||
Sales Agreement [Member] | ||||||
Sale of Stock, Commission Rate | 3.00% | |||||
Stock Issued During Period, Shares, New Issues | 980,918 | |||||
Shares Issued, Price Per Share | $ 0.515 | $ 0.515 | ||||
Proceeds from Issuance of Common Stock | $ 505,000 | |||||
Payments of Stock Issuance Costs | $ 68,000 |
Note 11 - Shareholders' Equit61
Note 11 - Shareholders' Equity - Warrant Derivative Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Change in fair value of the warrant derivative liability | $ 27 | $ 154 | |
Warrant [Member] | |||
Change in fair value of the warrant derivative liability | $ 27 | $ 154 |
Note 11 - Shareholders' Equit62
Note 11 - Shareholders' Equity - Fair Value Assumption of Warrant (Details) - $ / shares | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Warrants issued (in shares) | 500,000 | |||
Exercise price (in dollars per share) | $ 0.54 | $ 0.94 | $ 1.22 | |
Warrant [Member] | ||||
Weighted average fair value (in dollars per share) | $ 0.41 | |||
Warrants issued (in shares) | 500,000 | |||
Warrant [Member] | Minimum [Member] | ||||
Exercise price (in dollars per share) | $ 0.01 | |||
Expected term (in years) (Year) | 2 years | |||
Risk-free rate | 1.62% | |||
Volatility | 60.00% | |||
Warrant [Member] | Maximum [Member] | ||||
Exercise price (in dollars per share) | $ 0.54 | |||
Expected term (in years) (Year) | 3 years | |||
Risk-free rate | 2.55% | |||
Volatility | 82.00% |
Note 11 - Shareholders' Equit63
Note 11 - Shareholders' Equity - Warrant Activity (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Balance (in shares) | 230,087 | 385,800 | |
Warrants expired (in shares) | (230,087) | (155,713) | |
Warrants issued (in shares) | 500,000 | ||
Warrants exercised (in shares) | (250,000) | ||
Balance (in shares) | 250,000 | 230,087 | |
Balance (in dollars per share) | $ 0.94 | $ 1.22 | |
Warrants expired (in dollars per share) | 0.94 | 1.63 | |
Warrants issued (in dollars per share) | 0.28 | ||
Warrants exercised (in dollars per share) | 0.01 | ||
Balance (in dollars per share) | $ 0.54 | $ 0.94 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | $ 0 |
Deferred Tax Assets, Valuation Allowance, Percentage | 100.00% | 100.00% | |
Operating Loss Carryforwards, Total | $ 67,000 | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 9,500 | ||
Open Tax Year | 2016 2017 2018 |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Components (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Fixed assets | $ 197 | $ 519 |
Share-based compensation | 480 | 664 |
Other accruals | 38 | 33 |
Asset retirement obligation | 124 | 196 |
Other | 10 | 9 |
Net operating loss carryforwards | 14,171 | 21,302 |
Total deferred tax assets | 15,020 | 22,723 |
Valuation allowance | (15,020) | (22,723) |
Total |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Income Tax Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
U.S. federal blended income tax rate | 28.00% | 35.00% | 35.00% |
Expected income tax benefit | $ (1,878) | $ (2,157) | $ (1,649) |
Meals and entertainment | 21 | 17 | 7 |
Non-deductible penalties | 4 | 16 | 21 |
Warrant derivative liability | (9) | (54) | |
Share-based compensation | 10 | ||
Impact on the change in income tax rate | 9,556 | ||
Change in valuation allowance | (7,703) | 2,123 | 1,675 |
Income tax expense (benefit) | $ 0 | $ 0 | $ 0 |
Note 15 - Commitments and Con67
Note 15 - Commitments and Contingencies (Details Textual) | May 16, 2017USD ($) | Nov. 29, 2016 | Sep. 10, 2015USD ($)a | May 31, 2017USD ($) | Dec. 31, 2015 | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Purchase Obligation Agreement Period | 1 year | |||||||
Research and Development Expense, Total | $ 1,746,000 | $ 965,000 | $ 528,000 | |||||
Receivables, Net, Current, Total | 1,192,000 | 726,000 | ||||||
Area of Land | a | 4.2 | |||||||
Payments to Acquire Land Held-for-use | $ 168,000 | $ 197,900 | ||||||
Land | $ 365,900 | |||||||
Class Action Lawsuit re Equity Plan [Member] | ||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 195,000 | |||||||
Royalty Agreements for Licensed Intellectual Property related to the GliaSite® RTS [Member] | ||||||||
Payments for Royalties | 0 | 0 | 15,000 | |||||
Collaborative Development Agreement [Member] | GammaTile LLC [Member] | ||||||||
Research and Development Expense, Total | 769,000 | 387,000 | ||||||
Research and Development Collaborative Arrangements Cost Reimbursement | 568,000 | |||||||
Proceeds from Collaborators | 546,000 | |||||||
Receivables, Net, Current, Total | 22,000 | 66,000 | ||||||
Isotope Purchase Agreement [Member] | ||||||||
Purchase Obligation, Total | 2,328,000 | |||||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 504,000 | |||||||
Royalty Agreement for Invention and Patent Application [Member] | ||||||||
Percentage of Royalty Rate Payable | 2.00% | |||||||
Royalty Expense | $ 27,000 | $ 21,000 | $ 18,000 | |||||
Royalty Agreement for Invention and Patent Application [Member] | Former Employee and Shareholder [Member] | ||||||||
Percentage of Royalty, Exchanged for Interest in Predecessor Company | 1.00% | |||||||
Patent and Know-How Royalty License Agreement [Member] | ||||||||
Percentage of Royalty Rate Payable | 1.00% | |||||||
Irradiation Services Agreement [Member] | ||||||||
Irradiation Service Agreement, Term | 5 years | |||||||
Irradiation Service Agreement, Renewal Period | 1 year |
Note 15 - Commitments and Con68
Note 15 - Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
2,019 | $ 290 | ||
2,020 | 290 | ||
2,021 | 241 | ||
Total future minimum lease payments | 821 | ||
Rental expense | $ 285 | $ 288 | $ 292 |
Note 15 - Commitments and Con69
Note 15 - Commitments and Contingencies - Royalty Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Royalty Agreements for Licensed Intellectual Property related to the GliaSite® RTS [Member] | |||
Royalty expense | $ 28 |
Note 16 - Concentrations of C70
Note 16 - Concentrations of Credit and Other Risks (Details Textual) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Allowance for Doubtful Accounts Receivable, Ending Balance | $ 26,000 | $ 26,000 |
Note 16 - Concentrations of C71
Note 16 - Concentrations of Credit and Other Risks - Revenue Concentration (Details) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Sales Revenue, Goods, Net [Member] | |||
El Camino, Los Gatos, & other facilities | 24.20% | 22.90% | 24.20% |
Note 17 - Related Party Trans72
Note 17 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Go Intellectual Capital LLC [Member] | |||
Payments for Market Services | $ 20,374 | $ 105,659 | |
Website Modifications and Maintenance [Member] | APEX Data Systems, Inc [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 6,000 | ||
Maintenance Support for a CRM System [Member] | APEX Data Systems, Inc [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 6,000 | ||
Go Intellectual Capital LLC [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 0 |
Note 18 - Quarterly Financial73
Note 18 - Quarterly Financial Data (Unaudited) - Selected Quartely Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net revenue | $ 1,603 | $ 1,573 | $ 1,536 | $ 1,211 | $ 1,370 | $ 1,282 | $ 1,028 | $ 1,081 | $ 5,923 | $ 4,761 | $ 4,769 |
Gross profit | 437 | 609 | 531 | 265 | 498 | 293 | (1) | 48 | 1,842 | 838 | 129 |
Net loss | $ (2,359) | $ (1,332) | $ (1,463) | $ (1,546) | $ (1,854) | $ (1,360) | $ (1,450) | $ (1,498) | $ (6,700) | $ (6,162) | $ (4,711) |
Net loss per share – basic and diluted (in dollars per share) | $ (0.04) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.03) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.12) | $ (0.11) | $ (0.09) |
Shares used in basic and diluted per share calculation (in shares) | 55,463 | 55,100 | 55,056 | 55,017 | 55,017 | 55,017 | 55,017 | 55,011 | 55,159 | 55,016 | 55,015 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - USD ($) | Jul. 11, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Proceeds from Issuance of Common Stock | $ 479,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.54 | $ 0.94 | $ 1.22 | ||
Subsequent Event [Member] | |||||
Stock Issued During Period, Shares, New Issues | 11,000,000 | ||||
Shares Issued, Price Per Share | $ 0.75 | ||||
Proceeds from Issuance of Common Stock | $ 8,250,000 | ||||
Proceeds from Issuance of Common Stock, Net of Issuance Costs | $ 7,600,000 | ||||
Subsequent Event [Member] | Unregistered Warrants [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,500,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.75 | ||||
Warrants and Rights Outstanding, Term | 5 years 182 days |